The Law of Supply Answers

According to this graph, at $10 the quantity supplied is about [___].

✔ increasedecreasechange based on consumer demand

✔ 40 50 60

A good is considered [___] when producers can quickly supply more or less of it based on changing prices.

✔ inelasticelastic

As the price of jeans rises, the quantity supplied [___].

30✔ 40 50

✔ 40 50 60

In the sample scenario, what does this mean about the elasticity of wheat in relation to supply?Wheat is relatively inelastic.Wheat is elastic.Wheat is inelastic.Wheat is relatively elastic.

Based on the information presented in the scenario, which factor is affecting the supply created by the furniture company?elasticity of supplythe law of supplycompetitionability to produce

Which change is illustrated by the shift taking place on this graph?an increase in supplya decrease in supplyan increase in demanda decrease in demand

✔ inelasticelastic

30✔ 40 50

Refer to the chart, and then use the drop-down menu to complete each statement.